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Damas reaches settlement with Saudi firm

02 Sep 2010

(MENAFN) Saudi private equity firm Amwal Alkhaleej announced that it has settled its lawsuit against Damas Investments LLC and the Abdullah Brothers, Reuters reported.

Amwal had claimed that the jewellery giant did not pay for shares it acquired before Damas went public two years ago, and the Saudi firm was seeking the return of its shares or a payment of $22 million with interest.

The legal suit was filed at the DIFC in March, and alleged the Abdullah Brothers agreed to buy 22,042,694 of Amwal shares at $1 a share in an agreement dated June 16, 2008, just two weeks before Damas was scheduled to make a public offering of 25 percent of its stock.

Amwal claimed that the shares were transferred but the brothers failed to make the payment of $22 million.

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